Kashmir traders threaten to shun bank POS machines

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Srinagar: The Kashmir Traders and Manufacturers Federation (KTMF) on Friday threatened that the trade community of Kashmir would shun the bank PoS, a banking device used for e-transactions.
“The use of POS has come as a shocker for the entire trade community of Kashmir as it has several hidden charges which are fleecing the traders,” KTMF President, Haji Muhammad Yasin Khan who also heads the Kashmir Economic Alliance (KEA) said in a statement issued here.
Khan said the hidden charges have further ‘victimised’ the already victimised business fraternity of Kashmir. “At a time when the traders are finding it hard to earn two square meals a day in this conflict zone, the bank has started to fleece us through hidden costs,” Khan alleged.
Stating that traders are backbone of banking, Khan said: “The bank executives must realise that they don’t do any charity by giving us POS, but that this process ends up giving more business to the bank itself. This business shouldn’t be at the cost of business community.”
Khan said the bank’s had initially told the traders that charges would be nominal. “But what we have realised is that charges have risen manifold and are unjustified,” Khan said.
He appealed the bank authorities to look into the matter.